In the spring of last year, the Consumer Financial Protection Bureau (“CFPB”) filed an enforcement action against Ocwen Financial Corporation (“Ocwen”) and its subsidiaries for violation of mortgage servicing rules. The suit was filed in the U.S. District Court for the Southern District of Florida, naming Ocwen and two of its subsidiaries--Ocwen Mortgage Servicing, Inc. and Ocwen Loan Servicing, LLC--as defendants. Close on the heels of that suit, the Attorney General for Florida brought a very similar action against Ocwen and its subsidiaries--filed the same day, in the same court, bearing the very next civil case number. Around the same time, close to half the nation’s state mortgage regulators let loose a coordinated broadside against Ocwen:

…22 state mortgage regulators…issued public regulatory orders or charges to subsidiaries of Ocwen...to address violations of state and federal laws, including the mishandling of consumer escrow accounts, unlicensed activity, and a deficient financial condition. The majority of the orders prohibit the acquisition of mortgage servicing rights and the origination of mortgage loans until the company is able to prove it can appropriately manage its existing mortgage escrow accounts. The orders are the culmination of several years of examinations and monitoring by multiple state regulatory agencies that revealed the company is mismanaging consumer mortgage escrow accounts.